Paying taxes is mandatory for all Indian citizens who fall in the slabs of the new tax regime 2020, however, there are different kinds of taxes categories made by the Central Board of Direct Taxes in India varied in terms of individual functionality and irrespective of the nature of business.
When it comes to filing income tax as an individual, we know that we are talking about salaried employees.
The person whose earning is dependent on salary and not other than any and which may fall under any of the prescribed regime of tax, the person is solely responsible to pay tax as a gratitude responsibility.
Here today in this blog I will tell you how to e-File your tax returns or file your Income Tax return online if you are a salaried employee.
But before moving to the centred topic, let’s know a bit of ITR for salaried employed first.
Read More: How to file income tax return for pensioners in india
What is ITR for a Salaried Employee?
In total, there are ‘seven’ types of ITR forms available for a taxpayer to file his taxes. Out of which, ITR-1 (known as Sahaj form) which is for individual taxpayers/salaried employee whose only earning of income is from the following:
- A person who earns his income via salary or through other means such as pension.
- A person who earns his livelihood from a single housing property.
- Individuals who do not own any assets or property in countries apart from India.
- A person whose income from agriculture is below Rs. 5,000.
Checklist of Income Tax e-Filing for Salaried Employee
Well, it is important to know accurate information on income, deduction, and taxes you have paid. So, here are crucial things salaried employees sustain while filing for income tax online.
- Form 16: This is the most important document which your employer will provide you and will be the basis of filing your ITR.
- Suitable ITR Form: Here for the people whose income is only retained through salary also known as salaried employee have to file tax using ITR Form - 1.
- Form 26 AS: Apart from Form-16, You also need to get Form 26 AS which is a consolidated record of the various taxes deducted from your income and deposited with the Government.
- Other Documents: Keep these things ready such as bank statement or passbook for interest on your savings account, Interest certificates or TDS certificates from banks and Post offices, and details of bank accounts and IFSC codes
Importance of e-Filing for Salaried Employee
The very first approach of filing income tax on-time shows the gratitude of the people and this leads to making them a responsible citizen. Well, in recent press news PM Modi released faceless tax reforms to honor the responsible taxpayers.
Salaried employee filing taxes gives them plethora of advantages as follow:
- It shows that you are a responsible citizen
- To get a loan or a credit card with way-better process
- Claim tax deductions and tax refund
- Adjust your capital gains and losses
- Also helpful in visa processing
Steps to follow for e-Filing for Salaried Employee
Here is the best part, if you’re new or the one who is filing income return for the first time, here is the simple and easy step to follow for e-file.
Step 1 - Register yourself on the official portal of E-Filing website
Step 2 - Login to the website with your credentials.
Step 3 - Go to ‘e-File’ and click on ‘Prepare and submit ITR online’.
Step 4 - Select the Income Tax return Form (ITR-1) and assessment year
Step 5 - Fill the details as asked and then click ‘Submit’ button
Step 6 - ITR - V from will be displayed upon successful submission of form.
Step 7 - Click on the link to download the ITR-V.
Hence, that’s all you need to file your income tax online. After this you need to e-verify the return to make it last successful.
Also Read: How to Check, E-Verify & Download ITR Status
Step 8 - If the return is not e-verified, the ITR-V form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing.
Note: The return will be processed only after the signed ITR-V is received. The ITR V document is password protected.
Also Read: How To Open Password Protected Income Tax Return PDF
File your ITR Form-1 with One-Click: Easy, Safe, and Reliable
Taxwink helps you in filing ITR-1 online with a CA access guide at every step. Take help of our expertise team to file your ITR FY 2019-20 with one-click feature. Contact us
